The White House said it expects further crudeoil supply increases from Saudi Arabia after U.S. President Joe Biden met with the kingdom’s rulers.
President Joe Biden said he expects further oil supply increases from Saudi Arabia after meeting with the kingdom’s rulers.
“I’m doing all I can to increase the supply for the United States of America, which I expect to happen,” Biden told reporters. “The Saudis share that urgency. And based on our discussions today, I expect we’ll see further steps in the coming weeks.” The US welcomed production hikes that had already been announced by the Saudis and other OPEC+ members for this month and next. Any further increases are expected to be modest as the Persian Gulf heavyweights choose to preserve their remaining spare capacity amid supply disruptions ranging from Libyan unrest to sanctions against Russia. The buffer of idle output has dwindled to “razor-thin” levels of just over 2 million barrels a day, according to the International Energy Agency.
Biden’s visit sets up the Aug. 3 meeting of the Organization of Petroleum Exporting Countries and its allies, which will calibrate output for September and beyond, as the next significant date on the oil-market calendar. Still, with oil prices tumbling from recent highs as recession risks grip markets, the picture could still change in the run-up.
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